---
schema_version: "secwatch.filing_event.v1"
accession: "0001794546-26-000020"
form_type: "8-K"
ticker: "CARL"
cik: "0001794546"
company_name: "CARLSMED, INC."
filed_at: "2026-09-30T13:15:14+00:00"
generated_at: "2026-10-12T14:00:04.640275+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Carlsmed names Richard Heppenstall CFO as Leo Greenstein departs; FY2026 revenue guidance of $74-$78 million reaffirmed

## Summary
- Carlsmed appointed Richard Heppenstall, 55, as CFO effective September 28, 2026; he was previously CFO of ZimVie Inc. until its October 2025 acquisition by ArchiMed SAS.
- Leo Greenstein departed as CFO effective September 25, 2026, receiving $500,000 in cash severance (12 months of base salary), a pro-rated 2026 bonus, and up to 12 months of COBRA premiums.
- Greenstein also received accelerated vesting of 32,856 restricted shares, 19,176 option shares, 26,786 shares of the 2025 Option (44,643 vested total), and 11,244 RSUs.
- Heppenstall's employment agreement sets a $500,000 base salary, a 60% target bonus, and $1,400,000 each in inducement stock options and RSUs; relocation reimbursement is capped at $150,000.
- Carlsmed reaffirmed full-year 2026 revenue guidance of $74 to $78 million, representing 50% growth over 2025 at the midpoint, and noted aprevo Lumbar CMS reimbursement starting October 1.

## SEC filing metadata
- accession: 0001794546-26-000020
- form_type: 8-K
- ticker: CARL
- cik: 0001794546
- company_name: CARLSMED, INC.
- filed_at: 2026-09-30T13:15:14+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1794546/000179454626000020/0001794546-26-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1794546/000179454626000020/carl-20260924.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001794546-26-000020
- JSON: https://secwatch.observer/filing/0001794546-26-000020.json
- Plain text: https://secwatch.observer/filing/0001794546-26-000020.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.